Free Trial

Baht Giving Back Some Of Last Week's Gains


USD/THB has remained mostly on the front foot in the first part of today's session. The pair is tracking near 36.45 in recent dealings, around 0.40% weaker in baht terms versus Monday closing levels. This is underperforming some USD weakness seen over the past 24hours or so. The baht has lost 0.75% so far this week, unwinding part of last week's +2.28% gain.

  • The pair is back close to the 20-day EMA, but remains sub earlier October highs north of 37.00. Recent lows come in around 36.09.
  • Yesterday's sharp local equity pull back (-1.63%), has seen fresh offshore investors outflows (-$80mn for Monday's session), which has likely been a baht headwind. Local equities are tracking higher in early trade today though (SET +0.25%).
  • The local data calendar remains light. The Chamber of Commerce is meeting this morning to discuss the export outlook for 2024.
  • Elsewhere, the authorities have capped state run electric train fares (see this BBG link). The other focus point is on a potential gasoline subsidy to ease cost of living pressures (see this BBG link).

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.